Alto Neuroscience (ANRO) Q3 2026 earnings summary

Executive summary

• Q3 2026 net loss was $25.1M versus $14.2M a year earlier; 9M net loss was $79.0M versus $47.1M. No product-sale revenue has been generated.

• Cash, cash equivalents and restricted cash totaled $319.8M at September 30, 2026; management cited at least 12 months of runway, while another outlook projected funding through 2030.

• ALTO-207 PACE-1 Phase 2b remains on track for 2H 2027 topline data, with Phase 3 adjunctive and monotherapy trials planned for early and 2H 2027, respectively.

Financial highlights

• Q3 operating expenses were $27.2M versus $15.0M; operating loss was $27.2M versus $15.0M, and net loss was $25.1M versus $14.2M.

• 9M operating expenses were $83.5M versus $49.3M; operating loss was $83.5M versus $49.3M, and net loss was $79.0M versus $47.1M.

• Q3 R&D expense was $18.2M versus $10.5M, primarily reflecting ALTO-207 trial and manufacturing costs; G&A was $9.1M versus $4.4M, mainly due to higher personnel costs and professional fees.

• 9M operating cash use was $67.6M versus $40.3M; financing cash inflow was $211.0M, mainly from the March private placement and July offering.

Outlook and guidance

• Available resources, including anticipated Wellcome proceeds, were expected to fund operations for at least 12 months; a separate outlook stated cash was expected to fund planned operations through 2030.

• PACE-2 Phase 3 adjunctive TRD trial initiation is planned for early 2027 and PACE-3 Phase 3 monotherapy initiation for 2H 2027, both pending FDA alignment.

• ALTO-207 Phase 2b topline data are expected in 2H 2027; Phase 1 data, FDA interaction outcomes and blinded PACE-1 safety results are expected in late 2026 or early 2027 following FDA feedback.

• ALTO-300 Phase 2b MDD topline data are expected in 1H 2027; ALTO-100 bipolar-depression Phase 2b topline data are expected mid-2027.

• Operating losses and negative operating cash flows are expected to continue; R&D costs may rise as later-stage trials, manufacturing, regulatory work and pipeline development advance.